Policy rates have never been this low...

Thanks to COVID policy rates (Repo Rates by RBI) have never been this low.

While Repo rates has gone down to 4%, 1 Year FD rates have fallen to less than 5% and is very close to all time low last seen in 2004-05

When the current rate cycle is over, expect GOI 10 year bond yield to rise first followed by FD rates and finally Repo rate to increase last in the lot.

Here's a slightly long term (from early 2000s) of historical repo rate movement